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NEW YORK–(BUSINESS WIRE)–Fitch Ratings has affirmed two classes of J.P. Morgan Chase Commercial Mortgage Securities Assurance (JPMCC) 2015-SGP. A abounding annual of appraisement accomplishments follows at the end of this release.

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The certificates represent the benign absorption in a assurance that holds a four-year, initial-term, floating-rate, interest-only $925 actor mortgage accommodation primarily anchored by the fee and leasehold interests in 235 wholly endemic retail backdrop totalling 37.1 actor aboveboard anxiety (sf) amid in 49 U.S. states and Puerto Rico (the wholly endemic properties). The majority of the portfolio is beneath a adept charter to Sears Holdings Corporation LLC (Sears) and Kmart Operations LLC (Kmart), subsidiaries of Sear’s Holding Corporation (SHLD). Sears is currently rated ‘CC’ by Fitch.

KEY RATING DRIVERS

The affirmations reflect the abiding achievement of the accessory back issuance. As of year-to-date June 2016, the net operating assets debt annual advantage arrangement (DSCR) appear at 3.76x, compared to 4.15x underwritten at issuance. Occupancy has remained flat, advertisement at 99% as of July 2016. The portfolio is a mix of free-standing and absorbed stores, as able-bodied as a mix of Sears, Kmart and third-party addressee stores. The SHLD adept charter currently covers 221 backdrop (139 Sears and 82 Kmart’s), totalling 33.1 actor sf (89.8% of the portfolio net rentable breadth [NRA]). Third-party tenants annual for 2.98 actor sf (8.1%) beyond 76 properties, of which 13 backdrop are absolutely busy to third-party tenants. Fifty-eight food totalling 447,561 sf (1.2%) are beneath a adept charter to Land’s End.

At closing, $42.5 actor was adjourned to awning absolute and outstanding leasing and redevelopment costs. The assets antithesis as of September 2016 was $35.9 million. There is additionally a approaching allotment charge of $100 actor to be acclimated for cardinal re-leasing that is not allotment of the assurance but, if funded, will be pari passu to the mortgage. Fitch has requested an amend apropos the approaching allotment component, but has not yet accustomed a acknowledgment on the 17g-5 providers website. The approaching allotment charge has been affected to be adjourned for purposes of Fitch’s analysis.

The sponsor, Seritage Growth Backdrop (SGP), has amorphous implementing its business plan of cardinal anamnesis and absolution of Sears/Kmart space. The acceding of the adept charter allows SGP to abate the acknowledgment to Sears and Kmart over time by re-tenanting and redeveloping the majority of the portfolio into multi-tenant retail absolute estate. Current third affair leases accept an boilerplate hire of about $11.71 per aboveboard bottom (psf), compared with about $4.00 psf on the adept charter terms. To abetment in its capricious efforts, the sponsor has entered into a sub-management acceding with Jones Lang Lasalle to accommodate assertive acreage management, addressee relations, acreage accounting, and planning services.

Back issuance, three backdrop accept had their Sears/Kmart spaces absolutely recaptured with absolution and redevelopment in progress: Recaptured Sears amplitude at the Oak Court Mall in Memphis, TN is currently 32% pre-leased, which includes Nordstrom Rack (25% of the NRA) with an accepted aperture in May 2017. Recaptured Kmart amplitude at a Braintree, MA retail centre has been partially pre-leased to Nordstrom Rack (41% NRA) and Saks Off 5th (37%) with accepted openings in October 2016; an Ulta Beauty Salon (12%) was already in abode at the centre. In Honolulu, HI a recaptured Kmart amplitude has been absolutely pre-leased to Ross Dress for Less (43% NRA), Long’s/CVS (31%) and Petsmart Inc. (26%) with accepted openings amid May 2017 and July 2017.

News sources accept afresh appear that 64 Kmart’s are accepted to aing nationwide, with liquidations alpha in September 2016. Of the food initially reported, 17 assets in the basin are to be impacted by the closures. Theses closures are in band with the sponsor’s business plan, and its appulse was captured in Fitch’s assay which is based on a aphotic bulk appraisal of the pool.

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RATING SENSITIVITIES

The ratings are advised abiding due to acceptable acclaim enhancement. Fitch’s assay is based on a aphotic bulk appraisal that assumes Sears and Kmart abandon their corresponding spaces, day one, beyond the portfolio, and the amplitude is re-leased to a third-party tenant. Fitch does not apprehend abrogating appraisement clearing unless a actual bread-and-er or asset akin accident changes the transaction’s portfolio-level metrics. Detailed explanations of added stresses and appraisement sensitivities are accessible in the address ‘JPMCC 2015-SGP (US CMBS)’ anachronous Sept. 30, 2015, accessible at www.fitchratings.com.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

No third affair due activity was provided or advised in affiliation to this appraisement action.

Fitch has affirmed the afterward ratings:

–$319,000,000a chic A addendum at ‘AAAsf’; Outlook Stable;

–$125,300,000a chic B addendum at ‘AA-sf’; Outlook Stable.

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The afterward classes are not rated:

–$720,000,000ab chic X-CP notes;

–$925,000,000ab chic X-EXT notes;

–$116,600,000a chic C;

–$121,100,000a chic D;

–$88,200,000a chic E;

–$154,800,000a chic F.

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a Privately placed pursuant to Rule 144A.

b Notional bulk and interest-only.

Added advice is accessible at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 01 Sep 2016)

https://www.fitchratings.com/site/re/886006

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions (pub. 18 Aug 2016)

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https://www.fitchratings.com/site/re/885802

Global Structured Finance Appraisement Criteria (pub. 27 Jun 2016)

https://www.fitchratings.com/site/re/883130

Related Research

JPMCC 2015-SGP – Appendix

https://www.fitchratings.com/site/re/870935

Added Disclosures

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Dodd-Frank Appraisement Advice Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1012080

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1012080

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM’. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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